PETER RIDSDALE today spoke in detail for the first time about how privileged he feels to be the new man at the helm of Cardiff City.

And the new Ninian Park chairman paid tribute to outgoing supremo Sam Hammam, insisting he has 'sacrificed his position for the greater good'.

'Sam gave me the opportunity to get back into football and restore a reputation that had taken a severe knock,' said Ridsdale, who was vilified for his part in the financial troubles at Leeds United. 'I will never forget that.

'I am also now acutely aware of the tremendous responsibility that I now inherit.

'To all of our supporters, please rest assured that I recognise how privileged I am to be given the opportunity to take this club forward.

'With Dave Jones and the rest of our staff, we will deliver.'

And of Hammam, Ridsdale continued: 'Sam has sacrificed his football life in Cardiff and Wales.

'But his original vision and financial risk is what put us on the verge of not only a new stadium but the Premiership.

'Sam is understandably devastated at this time, but he knew it was for the best.'

City badly needed a cash injection - and that's why Peter Ridsdale was originally brought in.

He found a solution with men who have financial muscle, but they weren't keen to put their money in while Sam Hammam had total control.

That was put to Hammam at a club board meeting in London on Friday and, after a lot of discussion, he agreed to step aside.

The only alternative for Hammam was to press on without the help and that would have almost certainly ended in disaster.

Facing reality, Sam resigned from the board just after 4pm on Friday. He is no longer club chairman, a position he has held since Ridsdale arrived and became executive vice-chairman.

Hammam has, however, been appointed Life President of Cardiff City. He is no longer a director, but is welcome in the boardroom.

Q: Is there any way back from the deal? A: No. Hammam has signed over his shares. The decision is irrevocable.

He owned 82.5 per cent of Cardiff City, while this deal, which officially starts in mid-December, leaves him with eight per cent of the shares.

It is, though, effective immediately.

Peter Ridsdale is now in charge on a day-to-day basis at Ninian Park.

Q: Does this help ease the path to Cardiff City's new stadium? A: It definitely brings the stadium closer.

The main problem appeared to surround the #25m in loan notes which made up most of the club's debt. That worry has now gone.

Q: What is the deal worth? A: A cash injection of #12m. Around #9m will go towards paying off Cardiff City's debt.

The other #3m will go into the club.

More funding is to follow.

Most of Sam Hammam's shares - just over 74 per cent of the club - have been signed over and will be held in trust by the investors.

The money people are banking on Cardiff City reaching the Premiership and playing at a new stadium. They will take a profit as the club develops.

Q: What does Sam Hammam get from the deal? A: There are #25m in loan notes on the club debt - and Hammam holds personal guarantees on them. It is unclear who the loan notes are with and that fact has made Cardiff council nervous about the new stadium.

The #9m, plus a deal over sponsorship surrounding the new stadium, is removing that unknown factor on the loan notes.

Hammam is not going away with any extra cash, but if Cardiff City were to be promoted and move into a new stadium the eight per cent in shares he retains could yet be worth money, running into millions.

Q: How much did Sam Hammam initially put into the club? A: Hammam put up #3.1m when he first took over in 2000.

Ironically, Hammam bought the club at a time when the board were battling against debts which threatened to put the club under. It was a case of accept the offer and save the club or struggle on and possibly see Cardiff City collapse.

Steve Borley, chairman at the time, and his directors accepted Hammam's offer.

Now the roles are reversed - and Hammam, faced with a choice, has accepted the financial offer.

Q: Who is now on the board? A: Peter Ridsdale is club chairman. The other directors are Ned Hammam, Sam's older brother, long-serving former chairman Steve Borley and London barrister Jonathan Crystal.

It looks certain, though, Ned will follow Sam out of the club.

New directors could be added, but that won't happen immediately.

Q: What happens to Sam Hammam now? A: Hammam says he will be at Cardiff City's home match against Derby County on Saturday.

He has been troubled by health scares and has regular checks on possible colon cancer, although checks have been negative. His mother still lives in the Lebanon, while Hammam has children and their families living in America. Hammam, it seems, isn't thinking too far ahead at the moment. He could spend more time travelling with wife Nida.

Q: A rumour swept around Carrow Road that Milan Mandaric was with Sam Hammam and that he is behind the deal. Is that true? A: No truth in that one. Portsmouth owner Mandaric was not at Carrow Road.

'Milan is a friend of mine but he is nothing at all to do with this,' Sam said.

Neither David Sullivan or local businessman Michael Isaac are involved either.

Q: Keith Harris is the man behind the investment. Who is he? A: It's certainly not the Keith Harris who partners puppet Orville on stage.

Cardiff City's Keith Harris is a former chief executive of HSBC Investment Bank Plc and he has extensive experience in all aspects of mergers and acquisitions, fundraising and securities, having previously been President of Morgan Grenfell in New York and managing director of Drexel Burnham Lambert and Apax Partners & Co. He is a non-executive director of a number of private and public companies with particular expertise in the sports and media sectors, having advised a number of leading UK football clubs. He is a director of Wembley National Stadium Limited.

Harris, 53, who was born in Stockport, worked with Roman Abramovic when he bought Chelsea, Randy Lerner when he took over at Aston Villa, and was also involved with the Southampton takeover.

Harris is a Manchester United supporter who was also chairman of the Football League.

He has a first-class degree in Business Economics and a PhD in Economics and has worked in global investment banking for more than 20 years.

Q: Is Dave Jones at ease with the change? A: It was Peter Ridsdale who first approached Jones to become manager of Cardiff City and the pair have formed a strong alliance.

Ridsdale played a crucial role in bringing both Michael Chopra, Stephen McPhail and others to Ninian Park.There is no doubt Ridsdale and Jones will work well together.

Q: Will Dave Jones now be able to strengthen his squad? A: There has been a complete block on bringing new players in because of the financial situation. The only exception was a one-month loan deal to sign James Chambers from Watford after Kevin McNaughton was injured.

Now Jones will start planning for new players during the January transfer window. But there will not be any big- money moves.